#VASP meaning

1108 series of 2021, published new rules regulating Virtual Asset Services Providers (VASPs) that offer their services or engage in VASP activities in the Philippines. The guidelines cover the registration and the granting of a license of VASP. To understand what VASP is, we must first familiarize ourselves with a virtual currency. In recent news, BSP does not consider the popular play-to-earn NFT game, Axie Infinity, as a VASP. Virtual Asset Service Provider (VASP) Formerly known as Virtual Currency Exchanges (VCEs), Virtual Asset Provider (VASP) refers to any entity that offers services or engages in activities that provide a facility for the transfer or exchange of virtual assets. 1108 expands the scope of activities to be regulated as VASPs, which include businesses that perform: (a) Exchange between VAs and fiat currencies; (b) Exchange between one or more forms of VAs; (c) Transfer of VAs; and (d) Safekeeping and/or administration of VAs or instruments enabling control over VAs. The VASP's products and services include virtual assets/currencies (such as Bitcoin, Ethereum, Ripple, etc.) and e-wallets. VASPs are expected to comply with the requirements of BSP Circular No. Read more in our articles including "What is a Virtual Asset Service Provider (VASP)?" and "BIR opens Tax Payer Portal".